Most insurance companies today get stuck with time-consuming and complex back-end processes related to property insurance. Loads of repetitive business tasks and manual duties limit opportunities for growth and the ability to offer quality customer service. However, with the help of automated property and casualty software, the drawbacks related to the handling of property and casualty insurance can be eliminated.
How Intelligent Automation Transforms Property Insurance Operations
Automated software for property insurance can be utilised to improve end-to-end processes related to property insurance. It enables insurers to focus on activities that add value to the company, as all the repetitive tasks are automated. By combining robotic process automation and artificial intelligence, these technologies bring about a digital transformation in the handling of property insurance. In the automated property and casualty software,robotic process automation mainly focuses on automating repetitive and rules-based processes. On the other hand, artificial intelligence, machine learning, optical character recognition, natural language processing, and other technologies add efficiency and insight into the whole insurance process.
One of the key factors that decide the success of automation in any kind of business is how it can simplify daily business operations. With automated software for property insurance, there is a huge scope for insurance companies. They can simplify various complex processes and remove tedious transactional tasks through automation, improving productivity. Many complex processes in the property and casualty insurance industry can be streamlined with the help of automation. Let us see some of how the complex processes of property insurance are made simpler through automated software –
- First Notice of Loss (FNOL): The first notice of loss is the first step in claims processing. It is one of the most important customer touchpoints for a property and casualty insurer. For most insurance companies, FNOL becomes a very lengthy process. Because it is done manually, the extensive data gathering becomes tedious and time-consuming. This leads to high operational costs and cycle time, which ultimately leads to dissatisfaction among customers. Intelligent automation can perform many of the steps in this process within moments. Claim intake, claim review process, key data point extraction, and setting up the claim in the company’s claim management tool – all of these can be automatically completed.
- Underwriting: The property and casualty insurance underwriting process requires insurers to thoroughly review multiple documents. All the relevant data found from these have to be extracted and manually entered into the processing system. Automated software can help to complete this process much faster. It will do this by reading these documents with artificial intelligence, with automated data entry and extraction as well. This results in hours of work being saved for the insurance agent, who can use these to perform more value-added activities.
- Policy servicing: Property and casualty insurance policy service involves many steps over the entire life cycle of the insurance. These include processing of the policy, printing of it, processing of endorsements, updating coverages, audit processing, and addressing specific queries of the customers. Through robotic process automation, conversational AI, and intelligent document understanding, all of these processes can be automated.
- Claims adjudication: The adjudication process of claims is mostly manual. Each claim generates a large amount of unstructured content. These can be in any form – pictures, videos, and audio files. All of these must be analysed manually by the adjudicator. This leads to the processing of a claim to take up a lot of time. Automated software for property insurance can not only help to complete transactional tasks within moments but also bring more efficiency in decision-making, with artificial intelligence. The latter aspect can provide the adjudicator with enough insights so that it is easier for them to decide the next course of action. This streamlines the adjudication process by bringing down operational costs and enhancing the experience of customers.
Conclusion
There is huge potential for rule-based automation when it comes to handling the complex processes related to property and casualty insurance. It can be a game-changing strategy for insurance companies who want to deliver greater speed and efficiency in customer service for property insurance. Automation also brings down operational costs and increases the productivity of employees by taking care of tedious processes, freeing their time to focus on core tasks.
